Purchase Solution

Engle Company Costs Of Goods Sold And Inventory

Not what you're looking for?

Ask Custom Question

I need some assistance with the attached file.

P-4
The income statement of Engle Company includes the items listed below:
Net sales $900,000
Gross profit on sales 315,000
Beginning inventory 100,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 580,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.

Attachments
Purchase this Solution
Solution Summary

Excel sheet that outlines solution.

Purchase this Solution
Free BrainMass Quizzes
Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

View More Free Quizzes
Related BrainMass Solutions

  • Inventoriable Costs

    Goods sold to another company, for which our company has signed an agreement to repurchase at a set price that covers all costs related to the inventory. 6. Goods sold where large returns are predictable. 7.

  • Accounting Managerial: Cost of Goods Manufactured and Sold

    64825 Accounting Managerial Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold [LO1, LO3, LO4] The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

  • Ratio Analysis and Statement for Manufacturing Firms

    During the year, the company incurred the following costs: The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was $17 per unit.

  • Cost of goods sold manufactured and sold

    Prepare a schedule of costs of goods manufactured and sold. B. Calculate the amount of gross margin on the income statement.

  • CompuDesk, Inc.

    x 1000 units = $100,000 Variable Cost of Goods Sold = cost of goods available for sale - ending inventory = $900,000 Variable Selling $20 x 9,000 = $180,000 Total Variable Costs = cost of goods sold + variable selling = $900,000 + $180,000

  • Costs of Goods Sold, Inventory and Insurance Company

    118309 Costs of Goods Sold, Inventory and Insurance Company Discuss: - What items make up cost of goods sold? - Why is calculating the cost of goods sold important? - How does beginning and ending inventory affect cost of goods sold?

  • Cost of goods manufactureed and cost of good sold

    230442 Davis Company: Compute cost of goods manufactureed and cost of good sold Part 2: Davis Company. Davis Company manufactures wood file cabinets.

  • Multiple choice

    Which of the following indicates the typical flow of costs in either a job or process costing system? a. Raw materials inventory;cost of goods sold; work in process inventory; finished goods inventory b.

  • amount of net income

    328966 Calculating Cost of Goods Sold and Net Income Selected account balances of Heedy Manufacturing Company appear below for 2005: Beginning of Year End of year Finished Goods Inventory 20000 26000 Work in Process Inventory

View More Related Solutions